EXECUTIVE SUMMARY PLAZA DALLAS CENTRAL BUSINESS DISTRICT CLASS A OFFICE TOWER GLOBAL HEADQUARTERS FOR AT&T TRIPLE NET-LEASED THROUGH AUGUST 2030 PLAZA WORLD CLASS INVESTMENT OPPORTUNITY CBRE, as exclusive advisor, is pleased to present to qualified investors a truly unique opportunity to acquire One AT&T Plaza (the “Property”), a landmark office tower that houses the global headquarters of AT&T and is situated at the heart of Dallas’ revitalized central business district (“CBD”). One AT&T Plaza is fully leased to AT&T (NYSE: T; S&P: BBB+) through August 2030 and has served as the company’s global headquarters since 2008. The Property was constructed in 1983 for Southwestern Bell and has been occupied by AT&T and its predecessor companies since that time. With significant renovations completed over the last 10 years, the fully amenitized property is the heart of AT&T’s downtown campus that spans seven office and parking buildings over five city blocks. The offering provides investors with a highly secure, long-term cash flow and presents a rare opportunity to invest in world-class space and tenancy. One AT&T Plaza’s combination of recently and significantly renovated real estate and long-term cash flow secured by the world’s largest communications company comprises one of the most compelling investment opportunities in the market today. 1 | ONE AT&T PLAZA AT&T’s recently announced $100-million Discovery District, in addition to the $100 million the company has already invested into its downtown campus, reflects the company’s long-term commitment to the Dallas CBD. ASSET PROFILE INVESTMENT HIGHLIGHTS LOCATION 208 South Akard Street + Landmark, Class A Office Tower Dallas, Texas 75201 - Numerous Significant Renovations Completed - Fully Amenitized Campus & Abundant NET RENTABLE AREA 965,800 RSF Walkable Amenities LEASED 100% + Investment-Grade Tenant - S&P: BBB+ NUMBER OF STORIES 37 - Fitch: A- - Moody’s: Baa1 YEAR BUILT 1983 + Long-Term, Stabilized Cash Flow TYPICAL FLOOR SIZE 25,000 to 30,000 RSF - Recently Renewed Lease through August 2030 - No Termination or Contraction Options SITE ± 1.5 Acres - Annual Contractual Rent Increases PARKING 557 Garage Spaces* + Revitalized Dallas CBD - Development Investment of $5 Billion *Easement access to spaces in Seven AT&T Plaza garage at - Exponential Residential Growth 1212 Jackson Street. - Pedestrian Friendly Environment with Mass Transit Access + Dallas/Fort Worth - Top Market for Property Investment - Leading Job & Population Growth EXECUTIVE SUMMARY | 2 3 | ONE AT&T PLAZA LANDMARK, CLASS A OFFICE TOWER Eighth-Largest Office Tower Second-Largest Floor Plates in the CBD In the Dallas CBD (by Square Footage) Average 30,000 RSF Minimal Column Intrusions Iconic, Architecturally Distinct Classic Travertine-Clad Exterior Access to Parking Highly Visible from I-30 557 Dedicated Garage Spaces Dramatic LED Lighting at Night (2 Minute Walk) 7,100+ Spaces within a Five Block Radius (Excludes AT&T Owned Garages) Superior Materials and Construction Quality Class A Finishes throughout All Tenant Superior Walkability and Transit Access and Common Areas Scores of 95 and 90, Respectively Modern Tenant Finishes Best-in-Class Amenities Recently Renovated Executive and AT&T Mobility Retail Store Business Unit Floors CVS Pharmacy Open Work Spaces Starbuck’s Generous Ceiling Heights Throughout Corporate Cafeteria & Dining Area Modern Conference Rooms Recent Capital Improvements Climate-Controlled Access to AT&T Significant Renovations Completed & Campus Buildings & Garages Underway (AT&T Funded Improvements) CORPORATE CAFETERIA & DINING AREA AT&T MOBILITY RETAIL STORE EXECUTIVE SUMMARY | 4 STABLE & PREDICTABLE GLOBAL HEADQUARTERS LOCATION— CASH FLOW LONG-TERM COMMITMENT 100% Leased (Triple Net) through August 2030 Global Headquarters for AT&T since 2008 Contractual Escalations (2% Annually) Provide for a Originally Constructed for Southwestern Bell Steadily Increasing Income Stream Recently Renewed Long-Term Lease No Contraction or Termination Options Houses ±3,000 AT&T Employees ±$278 Million of Revenue over the Remaining Lease Significant AT&T Funded Capital Improvements Term as of October 2018 Lease Guaranty by Parent Company AT&T, Inc. 5 | ONE AT&T PLAZA INVESTMENT-GRADE TENANCY BBB+ (S&P) | Baa1 (Moody’s) | A- (Fitch) Credit Ratings #9 2017 Fortune 500 Rank #19 2017 Global Fortune 500 Rank $160.5 Billion FY 2017 Revenue $29.5 Billion FY 2017 Net Income 127% YOY Net Income Growth $444 Billion Total Assets ±254,000 Number of Employees One AT&T Plaza anchors the company’s Dallas CBD campus. With more than 6,000 downtown employees, AT&T is the CBD’s largest private-sector employer. EXECUTIVE SUMMARY | 6 VIBRANT DALLAS CBD LOCATION LOVE FIELD DESIGN DISTRICT UPTOWN VICTORY PARK FAIRMONT THE DREVER HISTORIC WEST END MOSAIC WESTIN CROWNE PLAZA PLAZA LTV TOWER THE DAVIS METROPOLITAN THE KIRBY ADOLPHUS MANOR HOUSE TWO AT&T JOULE OFFICE DPL FLATS 1122 JACKSON THREE AT&T OFFICE FOUR AT&T OFFICE SEVEN AT&T FIVE AT&T INTERURBAN GARAGE GARAGE SIX AT&T GARAGE BLOCKS FROM 3 DART LIGHT RAIL LOCATED ON 95 90 THE PLANNED WALKABILITY TRANSIT D2 RAIL LINE SCORE ACCESS SCORE 7 | ONE AT&T PLAZA ±135,000 Daytime Population #1 in DFW ARTS DISTRICT SHERATON $5 Billion Development GABLES REPUBLIC since 2010 1900 PACIFIC 11,000+ CAMBRIA CBD Residents Up 4.5x since 2004 WILSON UNT LAW SCHOOL HOTEL INDIGO ±8,200 THE MERCANTILE Residential Units 90% Leased MAIN STREET GARDEN NEIMAN MARCUS FLAGSHIP STATLER HILTON ±8,000 LONE STAR LOFTS Hotel Rooms & Suites One AT&T Plaza offers direct access to best-in-class hotels, cultural amenities, restaurants and retail, residences — resulting in a superior tenant experience. EXECUTIVE SUMMARY | 8 DYNAMIC LIVE-WORK-PLAY ENVIRONMENT DALLAS ARTS DISTRICT KLYDE WARREN PARK NASHER SCULPTURE CENTER HISTORIC WEST END PIONEER PLAZA | OMNI HOTEL MAIN STREET GARDEN | STATLER HOTEL & RESIDENCES THE JOULE HOTEL MAGNOLIA HOTEL THE ADOLPHUS STONE STREET GARDENS IRON CACTUS 9 | ONE AT&T PLAZA AT&T DISCOVERY DISTRICT $100-Million Investment by AT&T Transformation into a True Destination — for Employees, Residents & Tourists Conversion of Three City Blocks to Pedestrian-Only Access New Landscaped Plazas with Eateries & Shops New Mini-Amphitheater, Outdoor Art & Fountains Initial Phase Currently Underway EXECUTIVE SUMMARY | 10 THE DALLAS CBD MARKET + Cost-Effective Alternative to Uptown + Positioned for Growth 95% Built Out and More Than 90% Leased Largest Business Center in North Texas Class A Rents 50%+ Greater Than CBD Sustained Urban Development and Class A Rents Revitalization Increasingly Limited Developable Sites — Steadily Increasing Price PSF Differential Decline in Outmigration to Uptown with Uptown Marked Return of Institutional Owners + Conversion of Previously Obsolete Office Space + Direct Access to Primary Thoroughfares ±7.0 MSF of CBD Office Space Repurposed Bound by: since 2003 • Interstate 45/US-75 to the East Nearby West End — Burgeoning Residential • Interstate 30 to the South and Tech/Creative Office Population • Interstate 35E to the West • Woodall Rodgers Freeway to the North Dallas North Tollway Just Two Minutes + Dallas CBD Momentum to the North Steady Leasing Activity (3.5 MSF 20 Minutes to Dallas/Fort Worth in 2016 & 2017) International Airport Rents up 15% over the Last Three Years 10 Minutes from Dallas Love Field 11 | ONE AT&T PLAZA MAJOR DALLAS CBD EMPLOYERS The largest business center in the nation’s top market for growth, the Dallas CBD is the heart of the local business community with many of the city’s most prestigious firms and a workforce of ±135,000 people. EXECUTIVE SUMMARY | 12 380 Decatur Savannah Denton 380 380 McKinney Fairview 377 35E Little Elm Corinth 289 Frisco Argyle Sam Rayburn Tollway Lewisville Lake Allen 75 Dallas North Tollway Justin The Colony 35E Legacy Lewisville Parker 35W N Central Expressway 377 Plano 114 Flower Stemmons Fwy Mound Murphy 287 President George Bush Tpke Roanoke Fort Worth Trophy Club Carrollton Alliance Airport 35E Far North Dallas 78 170 Grapevine 289 Haslet LAN Lake R P NED 75 114 Coppell RRIDO Addison CO ELT REGIONAL Airport ON B TT Southlake CO Alliance 26 Addison Grapevine Dallas North Tollway Keller Farmers Branch Eagle 635 635 Mountain Las Colinas Dallas/Fort Worth 354 Lake Highlands Colleyville International Airport 78 377 114 348 Northwest Highway LOOP Northwest FW Saginaw 12 244 Mid-Cities Irving Dallas Love Park Cities 820 121 183 30 183 35E Field Airport 75 North Richland Hills 183 PLAZA Euless Lakewood Meacham 35W Hurst 356 12 Airport Uptown 10 287 East/North East FW 12 Old East Dallas 183 30 121 366 West Dallas South Dallas/Fair Park 820 360 Dallas CBD Cedars Fort Worth CBD 352 30 Tom Landry Fwy 30 635 Arlington 180 180 77 30 180 Oak Cliff Grand 175 Prairie 45 287 Mountain Creek Lake 20 35W 20 Benbrook 20 377 West Southwest FW Southeast FW 287 DALLAS/FORT WORTH: TOP U.S. MARKETPLACE Central U.S. Location Highest Projected Job Growth World’s Third-Busiest Airport #1 Office-Using Employment Growth (2017- 2019) One of the Most Diverse Economies Office-Using Sectors Comprise 42% Very Low Unemployment 3.5% Compared to National Average of 4.1% Pro-Business Environment (Seasonally Adjusted) Low Costs of Living & Doing Business Nation-Leading Absorption Second-Fastest Growing Metro ±13 Million SF since 2015 ±400 New Residents Each Day Top Annual Job Growth 3.4% — #2 Among the Largest U.S. Metros 13 | ONE AT&T PLAZA 380 Decatur Savannah Denton 380 380 McKinney Fairview 377 35E Little Elm Corinth 289 Frisco Argyle Sam Rayburn